Lucy HadrillUK Finance has published its annual fraud report for 2024 which sets out the amount of payment fraud and scams UK Finance members reported in 2023. Highlights include:
- criminals stole £1.17 billion through unauthorised and authorised fraud in 2023 – this is a 4% decrease compared to 2022;
- banks prevented a further £1.25 billion of unauthorised fraud through advanced security systems – this is a 7% increase on the previous year;
- 76% of APP fraud started online – these tend to be lower value scams, eg purchase scams; and
- 16% of APP fraud started through telecoms networks – these tend to include higher value scams, such as impersonation fraud.
